Financial Therapy
Financial Therapy
It's easy to participate in self-destructive financial behavior which is why treatment helps people deal with their relationship to money and learn how it affects their personal lives. This has grown in popularity recently as a result of financial depression. There are some who destroy their future and wants in life because they cannot find a way to balance their spending. Treatment is designed to guide clients who suffer from binge spending and borrowing. Many people may sabotage their finances and need guidance from someone who can provide financial education and budgeting strategies.
Goals of Financial Therapy
Therapy focuses on helping clients obtain a clear understanding of their own financial decisions and what the motivating factor is. By being able to observe our own emotions and thoughts in relevance to money we can control these decisions. It is usually necessary to look at our history of spending if we want make sense of current wealth. Money history also displays emotions and why spending is a problem during difficult times. When these decisions are made on an emotional or unconscious basis it results in a financial "falling out." Counselors provide clients with the tools that they need so that they can have a deeper understanding of the assumption. This leads to organization and logical spending. Clients will benefit from learning combination strategies and security in budgeting after the sessions have been completed.
When is Financial Therapy Used?
Financial Therapy is used when the individual wants to gain a deeper understanding of themselves and what void they are trying to fill by spending money. Therapy is implemented when the client desires a permanent change in spending behavior. This is for the purpose of living a balanced and harmonious life with sound relationships and solid aspirations. Treatment is successful when combined with a financial plan strategy because it helps the client progress in life and relationships. When finances are managed – stress is relieved.
How Financial Therapy Works
Treatment works by addressing human behavior that is not always based on rational thoughts as a result of emotions or personal hardships. Sessions work by opening the client up and communicating with them about money history or current budgeting issues. The more the client speaks about their spending habits the more progress will be made. The counselor addresses the motivations behind these decisions and improves the individual's wealth by showing them the cause and effect of spending.
Choosing to attend Financial Therapy is extremely beneficial toward couples because they will both gain a deeper understanding of what has led them toward their financial disposition. The couple will learn how they can change their habits for the purpose of resolving broader issues. Therapy creates a strong bond in partners or toward one person. These methods work by acknowledging the motivators behind spending and finding the root cause of the financial decision. The cause is usually a reflection of something that is missing in the client's personal life. If spending is preventing the individual from progressing in an organized manner and is depriving them from living a harmonious life, therapy is recommended.
Clients gain insight from therapy because it shows them how to maintain and improve relationships with their children. It's often that families are torn apart because of money issues and the inability to support each other. Treatment addresses serial borrowing, credit cards, loans and partner income ratios. There are many people who feel ashamed because of their financial status and during the sessions guilt can be eliminated. There isn't any reason to be embarrassed toward financial stability because it is a common occurrence amongst many within the current economy. Therapists who conduct Financial Therapy help their clients discover passion behind organization and planning. The strategies guide them in terms of life goals, priorities and time constraints. The methods focus on the patient's journey and who they are as a whole, although most of the treatment is based on financial management. Organization is most important and after the client has a clear understanding of the patterns associated with spending and budgeting they will then know how it can be improved.
Criticism of Financial Therapy
If there is mental behavior that is causing financial conflict it is necessary that the client obtains a different treatment type. It has been pointed out that the therapy may not focus on the mental and emotional health enough during the diagnosis stage. If the diagnosis is not accurate it could neglect cognitive issues that need healing being that the patient's financial spending is the result of a behavioral condition.
References
Financial psychology. (n.d.). Retrieved from http://financialpsychology.blogspot.com/
The psychology of money, the psychologist and the financial planner. (n.d.). Retrieved from http://personalenhancementcoaching.com/Life_Coach_James_Gottfurcht_Journal_Financial_Planning.php
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